DekaBank Deutsche Girozentrale Buys 223,658 Shares of 3M Co (NYSE:MMM)

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DekaBank Deutsche Girozentrale boosted its stake in 3M Co (NYSE:MMM) by 78.3% in the 2nd quarter, Holdings Channel reports. The firm owned 509,482 shares of the conglomerate’s stock after acquiring an additional 223,658 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in 3M were worth $87,748,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of MMM. Creative Financial Designs Inc. ADV increased its stake in 3M by 202.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 101 shares during the period. Cordasco Financial Network increased its stake in 3M by 220.0% in the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock worth $33,000 after purchasing an additional 110 shares during the period. Capital Financial Planning LLC purchased a new position in 3M in the 4th quarter worth approximately $34,000. Meridian Wealth Management LLC purchased a new position in 3M in the 1st quarter worth approximately $38,000. Finally, Lake Point Wealth Management purchased a new position in 3M in the 4th quarter worth approximately $37,000. Institutional investors and hedge funds own 67.55% of the company’s stock.

MMM opened at $164.88 on Wednesday. The company has a quick ratio of 1.34, a current ratio of 1.93 and a debt-to-equity ratio of 1.53. 3M Co has a 52-week low of $158.04 and a 52-week high of $219.75. The stock has a market capitalization of $94.04 billion, a PE ratio of 15.76, a PEG ratio of 1.73 and a beta of 1.09. The company’s 50 day simple moving average is $171.41.

3M (NYSE:MMM) last posted its earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same period in the previous year, the firm earned $2.59 earnings per share. The business’s revenue was down 2.6% compared to the same quarter last year. As a group, analysts forecast that 3M Co will post 9.29 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Friday, August 16th will be paid a dividend of $1.44 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $5.76 annualized dividend and a dividend yield of 3.49%. 3M’s dividend payout ratio (DPR) is presently 55.07%.

In other 3M news, Director David B. Dillon bought 1,200 shares of 3M stock in a transaction dated Friday, May 17th. The shares were purchased at an average cost of $169.50 per share, with a total value of $203,400.00. Following the completion of the purchase, the director now owns 1,200 shares of the company’s stock, valued at $203,400. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total value of $177,216.00. Following the transaction, the insider now directly owns 5,974 shares in the company, valued at $1,017,969.60. The disclosure for this sale can be found here. 0.83% of the stock is currently owned by insiders.

A number of equities analysts have commented on MMM shares. Royal Bank of Canada set a $179.00 price target on 3M and gave the stock a “hold” rating in a research note on Friday, July 26th. Bank of America decreased their price target on 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. JPMorgan Chase & Co. decreased their price target on 3M from $143.00 to $140.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 6th. Citigroup decreased their price target on 3M from $221.00 to $197.00 and set a “buy” rating on the stock in a research note on Monday, June 3rd. Finally, Wolfe Research set a $174.00 price target on 3M and gave the stock a “sell” rating in a research note on Friday, April 26th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $182.54.

3M Company Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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